MLA Report (1 August 2008)
Massive Repayment of Government Debt
Saskatchewan is experiencing tremendous growth and prosperity. The First Quarter Financial report released recently shows revenue is $3.1 billion over budget, mainly due to higher than forecast prices for oil, potash, natural gas, and record land sale revenues.
One way to ensure the province continues to do well is to pay down its debt. This is a commitment that your Sask Party government made when we passed the Growth and Financial Security Act (which legislates that a portion of excess revenues go to debt reduction). As a result, we have been able to commit to reducing the province’s debt by almost a third in only eight months. Your government will set aside almost $2.2 billion to reduce government total debt from $6.8 billion to $4.7 billion.
The same legislation says that excess revenues will also go to ensuring our continued growth and economic momentum. This summer, Sask Party MLAs have been speaking with constituents to determine what your priorities are for how this additional revenue should be spent. Thank you to those of you who have contacted me with your ideas. There is a common theme of investing in infrastructure funding and tax relief. I will be bringing these ideas to our caucus and Premier so that your input is part of our decision-making process.
Your government is committed to using this surplus wisely in order to sustain our economic momentum and to ensure that all Saskatchewan residents continue to benefit from our province’s growing prosperity.
Past MLA Reports